# Z₁ Coefficient Summary Across Gross Position Variables

| Model | Dep Var | Z₁ | SE | p-value | N | R² |
|:---|:---|---:|---:|---:|---:|---:|
| Full: gross_assets_gdp | gross_assets_gdp | -68.8125 | 319.7058 | 0.8296 | 4540 | -0.0135 |
| Full: gross_liab_gdp | gross_liab_gdp | 123.2635 | 312.6001 | 0.6934 | 4540 | 0.0230 |
| Full: gross_ifi | gross_ifi | 54.4509 | 614.8120 | 0.9294 | 4540 | 0.0042 |
| Full: nfa_gdp | nfa_gdp | -0.1278 | 0.2279 | 0.5750 | 4538 | 0.9030 |
| OECD: gross_assets_gdp | gross_assets_gdp | -1284.7206** | 552.3117 | 0.0202 | 1154 | -0.0725 |
| OECD: gross_liab_gdp | gross_liab_gdp | -1075.6615* | 588.4738 | 0.0678 | 1154 | 0.0067 |
| OECD: gross_ifi | gross_ifi | -2360.3821** | 1103.9731 | 0.0327 | 1154 | -0.0367 |
| OECD: nfa_gdp | nfa_gdp | -0.8295 | 0.6166 | 0.1788 | 1154 | 0.8755 |
| fdi_assets | fdi_assets_gdp | 115.0362 | 241.9914 | 0.6345 | 4540 | -0.0077 |
| fdi_liab | fdi_liab_gdp | 107.6089 | 238.3092 | 0.6516 | 4540 | 0.0117 |
| port_eq_assets | port_eq_assets_gdp | -184.2036* | 105.0960 | 0.0797 | 4528 | 0.0314 |
| debt_assets | debt_assets_gdp | -32.0661 | 121.7658 | 0.7923 | 4540 | -0.0035 |
| debt_liab | debt_liab_gdp | 63.7062 | 118.8675 | 0.5920 | 4540 | 0.0101 |
| fx_reserves | fx_reserves_gdp | 66.6577*** | 18.2414 | 0.0003 | 4540 | 0.0755 |
| OECD: fdi_assets | fdi_assets_gdp | -516.2554** | 252.5818 | 0.0412 | 1154 | 0.0106 |
| OECD: fdi_liab | fdi_liab_gdp | -176.5891 | 237.5234 | 0.4574 | 1154 | -0.0152 |
| OECD: port_eq_assets | port_eq_assets_gdp | -58.0474 | 151.2663 | 0.7012 | 1154 | -0.2275 |
| OECD: debt_assets | debt_assets_gdp | -595.5130** | 280.7691 | 0.0341 | 1154 | -0.0895 |
| OECD: debt_liab | debt_liab_gdp | -180.8175 | 332.3035 | 0.5865 | 1154 | -0.0155 |
| OECD: fx_reserves | fx_reserves_gdp | 68.4315 | 48.8791 | 0.1618 | 1154 | -0.0124 |
| ExFC: gross_assets_gdp | gross_assets_gdp | 70.7706 | 316.3302 | 0.8230 | 4344 | -0.0564 |
| ExFC: gross_liab_gdp | gross_liab_gdp | 250.4533 | 309.8077 | 0.4189 | 4344 | 0.0043 |
| ExFC: gross_ifi | gross_ifi | 321.2239 | 607.8070 | 0.5972 | 4344 | -0.0277 |
| ExFC: nfa_gdp | nfa_gdp | -0.1117 | 0.2322 | 0.6305 | 4342 | 0.8963 |
| ExFC: fdi_assets | fdi_assets_gdp | 131.6587 | 246.8956 | 0.5939 | 4344 | -0.0190 |
| ExFC: fdi_liab | fdi_liab_gdp | 100.3723 | 242.8569 | 0.6794 | 4344 | 0.0037 |
| ExFC: port_eq_assets | port_eq_assets_gdp | -157.6171 | 103.4884 | 0.1278 | 4332 | 0.0207 |
| ExFC: debt_assets | debt_assets_gdp | 66.0665 | 108.5008 | 0.5426 | 4344 | -0.0041 |
| ExFC: debt_liab | debt_liab_gdp | 123.6307 | 111.6213 | 0.2681 | 4344 | 0.0194 |
| ExFC: fx_reserves | fx_reserves_gdp | 63.0484*** | 16.9434 | 0.0002 | 4344 | 0.0866 |
| Win: gross_assets | gross_assets_gdp_w | -66.4551 | 307.6789 | 0.8290 | 4540 | 0.0249 |
| Win: gross_liab | gross_liab_gdp_w | 123.7941 | 312.5966 | 0.6921 | 4540 | 0.0230 |
| Win: gross_ifi | gross_ifi_w | 57.4631 | 610.0966 | 0.9250 | 4540 | 0.0114 |
| Win: fdi_assets | fdi_assets_gdp_w | 46.0563 | 147.8992 | 0.7555 | 4540 | 0.0259 |
| Win: fdi_liab | fdi_liab_gdp_w | 64.3410 | 188.5020 | 0.7329 | 4540 | 0.0171 |
| Win: port_eq_assets | port_eq_assets_gdp_w | -131.7536** | 58.7472 | 0.0250 | 4528 | 0.0201 |
| Win: debt_assets | debt_assets_gdp_w | -32.1563 | 121.7657 | 0.7917 | 4540 | -0.0035 |
| Win: debt_liab | debt_liab_gdp_w | 63.6343 | 118.8678 | 0.5924 | 4540 | 0.0102 |
| Win: fx_reserves | fx_reserves_gdp_w | 66.3726*** | 18.1075 | 0.0002 | 4540 | 0.0779 |
| Full: lifecycle | lifecycle_gdp | 221.7632 | 298.7869 | 0.4580 | 4540 | 0.0156 |
| Full: hot_money | hot_money_gdp | -184.2036* | 105.0960 | 0.0797 | 4528 | 0.0314 |
| ExFC: lifecycle | lifecycle_gdp | 286.7548 | 300.8209 | 0.3405 | 4344 | 0.0001 |
| ExFC: hot_money | hot_money_gdp | -157.6171 | 103.4884 | 0.1278 | 4332 | 0.0207 |
| Trim p5/p95: IFI | gross_ifi | 128.2042 | 166.2106 | 0.4406 | 4204 | -0.0158 |
| Trim p5/p95: liab | gross_liab_gdp | 161.5389* | 90.6543 | 0.0748 | 4225 | 0.0764 |
| Trim p10/p90: IFI | gross_ifi | 216.5003* | 125.6632 | 0.0850 | 3835 | 0.0971 |
| Trim p10/p90: liab | gross_liab_gdp | 166.0021** | 72.3612 | 0.0218 | 3785 | 0.0762 |

*Panel GLS with AR(1) errors.*